PIMCO Long Duration Total Return Fund
Summary Prospectus
August 1, 2025
| Share Class: |
Inst |
I-2 |
A |
C |
| Ticker: |
PLRIX |
PLRPX |
PLRAX |
PLRCX |
Before you invest, you may want to review the Fund’s prospectus, which, as supplemented, contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at
http://investments.pimco.com/prospectuses. You can also get this information at
no cost by calling 888.87.PIMCO or by sending an email request to piprocess@sscinc.com. The Fund’s prospectus and Statement of Additional Information, both dated August 1, 2025, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks maximum total return, consistent with prudent investment
management.
Fees and Expenses of the
Fund
This table describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least
$100,000 in Class A
shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about
these and other discounts is available in the “Classes of Shares” section on page
90 of the Fund’s prospectus, Appendix B to the Fund’s prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial
professional.
Shareholder Fees (fees paid directly from your
investment):
| |
Inst
Class |
I-2 |
Class A |
Class C |
| Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price) |
None |
None |
3.75% |
None |
| Maximum Deferred Sales Charge (Load) (as a percentage of
the lower of the original purchase price or redemption price)
|
None |
None |
1.00% |
1.00% |
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| |
Inst
Class |
I-2 |
Class A |
Class C |
| Management Fees |
0.50% |
0.60% |
0.65% |
0.65% |
| Distribution and/or Service (12b-1) Fees |
N/A |
N/A |
0.25% |
1.00% |
| Other Expenses(1) |
3.39% |
3.39% |
3.39% |
3.39% |
| Total Annual Fund Operating Expenses |
3.89% |
3.99% |
4.29% |
5.04% |
1
“Other Expenses” include interest expense of 3.39%. Interest expense is
borne by the Fund separately from the management fees paid to Pacific Investment Management Company
LLC (“PIMCO”). Excluding interest expense, Total Annual Fund Operating Expenses are 0.50%, 0.60%, 0.90% and 1.65% for Institutional Class, I-2, Class A and Class C shares, respectively.
Example. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, Class A or
Class C shares of the Fund with the costs of investing in other mutual funds. The Example assumes
that you invest $10,000 in the noted class
of shares for the time periods indicated, and then hold or redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
If you redeem your shares at the end of each period:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
$391 |
$1,187 |
$2,000 |
$4,113 |
| I-2 |
$401 |
$1,215 |
$2,046 |
$4,197 |
| Class A |
$789 |
$1,627 |
$2,477 |
$4,654 |
| Class C |
$604 |
$1,511 |
$2,517 |
$4,887 |
If you do not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$789 |
$1,627 |
$2,477 |
$4,654 |
| Class C |
$504 |
$1,511 |
$2,517 |
$4,887 |
Portfolio Turnover
The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating
Expenses or in the Example tables, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 178% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments
of varying maturities, which may be represented by forwards or derivatives such as options, futures
contracts or swap agreements. “Fixed Income Instruments” include bonds, debt
securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the portfolio duration of the
securities comprising the Bloomberg Long-Term Government/ Credit Index, as calculated by PIMCO, which as of May 31, 2025 was 13.26 years. Duration is a measure used to determine the sensitivity of a security’s
price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.
The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets
in high yield securities (“junk bonds”), as rated by Moody’s Ratings (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or, if unrated, as
determined by PIMCO. In the event that ratings services assign different ratings to the same
security, PIMCO will use the highest rating as the credit rating for that security. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S.
dollar-denominated securities of foreign issuers.
PIMCO Funds | Summary Prospectus
